Embodiments of this application provides a peer-to-peer network scheduling method. The method includes: obtaining a fragment file list, where the fragment file list includes information about a plurality of fragment files, each fragment file includes one or more segments, and each segment corresponds to one segment number; downloading one or more target segments corresponding to one or more target segment numbers from a CDN server based on the fragment file list and the one or more target segment numbers, where the one or more target segment numbers are located in a target segment list; adjusting the target segment list based on information about data obtained from and/or sent to another client device, to obtain an adjusted target segment list; and downloading one or more target segments corresponding to one or more target segment numbers in the adjusted target segment list from the CDN server.